Saturday, September 19, 2009

Buy low, sell ...???

Lehman Brothers closes up 40% on heavy trading:

Days after the anniversary of the investment bank's collapse, its shares are seeing an uncanny amount of trading activity.

The stock's high was 23 cents yesterday, with 65 million shares changing hands during the first five hours of trading. The stock ultimately closed at around 22 cents -- up nearly 40 percent on the day, with volume of more than 94 million shares.

It's a fairly impressive rally for a firm that choked on toxic assets last September 15 and has been relegated to over-the-counter trading under the ticker symbol LEHMQ.

Traders speculate that the Lehman stock surge has been fueled by a belief that the bank, which still houses hundreds of billions in soured mortgage assets and esoteric derivatives, may have enough juice left in it to return at least some money to shareholders.... [NY Post]

You can still invest in ye olde General Motors too, now called Motors Liquidation Company, ticker symbol MTLQQ.PK. Friday it closed at 77 cents -- up 10% for the day! (And up more than 90% from it's July low!) It's three-month stock chart.

If you have "play money", you can have some fun investing in America's past! But always remember: caveat emptor.